Rosneft

State-backed IREL is at the forefront of India's global outreach to secure rare earth supplies to meet rising domestic demand and wean itself off dependence on China

India will account for about half of global oil demand growth and 15 per cent of the increase in global electricity consumption over the next decade, making it one of the world's most important energy markets, Igor Sechin, chief executive of Russian oil producer Rosneft, said. Speaking at the St. Petersburg International Economic Forum, Sechin said India's oil consumption is expected to rise 44 per cent to nearly 8 million barrels per day by 2035, while electricity demand is projected to surge 80 per cent to almost 3,000 terawatt-hours, approaching the current consumption levels in the European Union. "Speaking of our strategic partners, I would like to specifically mention India. Today, India's economy is one of the key drivers of global energy consumption growth," he said. According to the International Energy Agency's projections, over the next 10 years, India will account for about 15 per cent of the global increase in electricity demand. India also holds a unique position in th

Iran blockaded ‌the Strait, the main route for about a ​fifth of world oil supplies and other ​vital goods including fertilisers, after the United States and Israel attacked Iran in February

India is exploring alternative LNG and LPG supplies to bypass the Strait of Hormuz as officials clarify that the US sanctions waiver covers Rosneft and Lukoil crude stranded at sea

The Furia was moving westward in a strait between Denmark and Germany when it turned around on Tuesday and sailed for a short distance before slowing down drastically, ship-tracking data showed

It is difficult to predict when Indian companies will place new orders for Russian oil, added the source, who declined to be named due to the sensitivity of the matter

India has been balancing the risk of secondary sanctions - and the need to secure a trade deal with the US - against the risks that come with allowing much-needed ties to Russia to fray

Latest sanctions will mean that orders due to be placed over the coming week - for crude that will load in November and deliver in December - will now be overwhelmingly from other destinations

During the last month, while the state-run refiners were cutting their reliance on Russian crude, private players were stepping up procurement

Sanctions-hit Nayara Energy is operating at 60-80% of refining capacity and has raised supply of refined products to HPCL as EU curbs ended its exports

Rosneft's proposed sale of its stake in Nayara Energy has encountered a significant roadblock due to the European Union's latest sanctions on Russia's oil sector

Russian oil giant Rosneft on Sunday termed as unjustified and illegal the sanctions that the EU has slapped on its Indian unit, Nayara Energy. "Rosneft Oil Company considers the European Union's decision to impose restrictive measures on the Indian refinery of Nayara Energy as unjustified and illegal," it said in a statement. "These sanctions are yet another example of extraterritorial implementation of politically motivated restrictions that blatantly violate international law and infringe on the economic interests of a sovereign state." The European Union on Friday imposed sanctions on the Indian oil refinery of Rosneft and lowered the oil price cap, as part of a new raft of measures against Russia over its war in Ukraine. The fresh sanctions package on Russia included new banking restrictions and curbs on fuels made from Russian crude oil. The lowered oil price cap - currently set at USD 60 per barrel - means Russia will be forced to sell its crude at reduced rates to buyers li

The "Government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens," said MEA

The European Union on Friday imposed sanctions on the Indian oil refinery of Russian energy giant Rosneft and lowered the oil price cap, as part of a new raft of measures against Russia over its war in Ukraine. The fresh sanctions package on Russia included new banking restrictions, and curbs on fuels made from Russian crude oil. The lowered oil price cap - currently set at USD 60 per barrel - means Russia will be forced to sell its crude at reduced rates to buyers like India. As the second-largest purchaser of Russian oil, India stands to benefit from this move. Russian crude currently accounts for nearly 40 per cent of India's total oil imports. "For the first time, we're designating a flag registry and the biggest Rosneft refinery in India," EU foreign policy chief Kaja Kallas said in a post on X. Rosneft owns 49.13 per cent stake in Nayara Energy Ltd, formerly Essar Oil Ltd. Nayara owns and operates a 20 million tonne a year oil refinery at Vadinar in Gujarat as also over 6,750

Russian oil giant PJSC Rosneft Oil Company is in early talks with Reliance Industries for sale of its 49.13 per cent stake in Nayara Energy, which operates a 20-million tonnes-a-year oil refinery and 6,750 petrol pumps in India, sources said. Reliance has held preliminary talks for acquisition of Nayara, which will help it overtake state-owned Indian Oil Corporation (IOC) to become India's No.1 oil refiner as well as give a meaningful presence in the fuel marketing space. But the talks are at preliminary stage and there is no guarantee that they may lead to a definite deal as valuation remains a sticky ground, three sources with direct knowledge of the matter said. Top Rosneft officials have visited India at least thrice in the last one year, including visits to Ahmedabad and Mumbai, for talks with potential investors. For Rosneft, which is looking to exit from Nayara due to western sanctions limiting its ability to repatriate full earnings from India operations, a potential buyer

Indian Oil Corporation had a term deal with Russia, which expired in March 2023 and has not been renewed since

Reliance Industries, Adani Group, and JSW Group may be among potential buyers of Rosneft's 49.13% stake in Nayara Energy

The 10-year agreement amounts to 0.5 per cent of global supply and is worth roughly $13 billion a year at today's prices

India's end-use energy consumption is set to grow by 90 per cent by 2050 -- one of the fastest growth rates in the world, Russian oil giant Rosneft CEO Igor Sechin said. Sechin, Chief Executive Officer of Rosneft, Russia's biggest oil producer, addressed key global business and political leaders at the Energy Panel of the 27th St. Petersburg International Economic Forum (SPIEF), according to a statement by the company. In his keynote speech titled "Energy transition and phantom barrels", he provided a comprehensive analysis of the current state of the energy market and highlighted key challenges facing the industry. "Over the next five years, India is projected to continue its strong economic momentum and become one of the top three largest economies in the world with a GDP of USD 5 trillion, and by 2050 will overtake the US in terms of the size of the economy," he said. He added that India's end-use energy consumption is set to grow 90 per cent by 2050, registering one of the fast

The share of Russian oil imports in India's overall crude import basket slumped by 8 percentage points on the month in October